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Comex Trading Signals and Market News – 28 June 2016

INTERNATIONAL COMMODITY NEWS :

Gold prices rose on Monday, re-approaching the two-year peaks hit on Friday after a shock U.K. vote to exit the European Union sent investors scrambling into bullion and other safe haven assets.U.S. gold futures for August delivery were up 0.5% at $1,329.0 an ounce by 0957 GMT.

Oil prices steadied on Monday as market participants better absorbed the shock of last week’s vote in Great Britain to leave the European Union and as analysts said Brexit would have a limited impact on global fuel demand. Brent crude futures were up 17 cents at $48.58 a barrel by 0844 GMT.

Zinc futures fell during late morning trade in the domestic market on Monday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Further fears that UK’s decision to leave the EU may deal a further blow to an already fragile global economic recovery signaled uncertain metal demand and hit zinc.

ECONOMY NEWS :

Japan’s chief cabinet secretary, Yoshihide Suga, said on Tuesday the government would continue to carefully watch currency markets, where “extremely nervous moves” are seen.Suga made the comment in a regular news conference, when asked about market developments after Britain’s vote on Friday to leave the European Union.

The dollar and yen steadied and sterling crawled away from a 31-year low on Tuesday as risk aversion triggered by the shock of Brexit eased slightly, although many investors were still wary of calling a bottom for the battered pound. The euro was little changed at $1.1042 , having put a bit of distance from Friday’s three-month low of $1.0912. The pair was confined between $1.1054-1.1010, its narrowest intraday range in nearly three weeks.

The European Central Bank’s president Mario Draghi expressed “sadness” on Monday at Britain’s vote to leave the European Union.In his first comments on the result of last Thursday’s referendum, Draghi said: “Sadness is the best word for what we feel when we witness changes of this magnitude.”